Dhaka, Bangladesh (BBN)- The World Bank Group has served as a long-term partner to Bangladesh in developing the financial sector and strengthening the capacity of the regulators and supervisor, World Bank (WB) Country Director Ellen Goldstein has said in Dhaka. 
“We hope to further support the government in its development efforts to improve the lives of millions of Bangladeshis,” the WB country director said while speaking at a presentation session on “Central Bank Strengthening Project (CBSP)” held at the Bangladesh Bank (BB), the country’s central bank, in Dhaka on Sunday. 
The BB is now implementing the CBSP, funded by the WB, aiming to improve regulatory formwork through establishing better governance.
Ms. Ellen Goldstein said that the WB would encourage the central bank to continue to make progress and accelerate the pace of implementation on the National Payment Switch and the Office Modernization components, so that it is well on its way to be an effective monetary authority and bank regulator.
“….paperless automated system for most of the recurrent government payments will help save public money otherwise used in printing of cheques and related instruments,” she said, adding that the government payment process will also be more open and transparent, benefiting anyone who receives any form of government payments. 
Eminent educationists, experts, policy makers and bankers lauded the ongoing implementation of CBSP, saying that successful completion of the project would further facilitate the banks to improve their financial health using the latest information technology.
They also noted that the bankers should be in a position to take decision on sanctioning fresh loans by using online credit information bureau (CIB) report. 
BB Governor Atiur Rahman said the central bank is working to introduce national payment switch within the current calendar year for ensuring inter-operability of different payment channel in the country in order to help expand and enhance the country’s trade and commerce through a robust payment system. 
Among others, former BB governor Mohammad Farashuddin, Resident Representative of the International Monetary Fund (IMF) in Bangladesh Eteri Kvintradze, Professor Jamilur Reza Choudhury, Professor Muhammed Zafar Iqbal, Chief Executive Officer (CEO) and Managing Director of the Janata Bank Limited S.M. Aminur Rahman and Managing Director and CEO of the Eastern Bank Limited Ali Reza Iftekhar also took part in the discussion.
The implementation of the four- year project started in 2003. The project is scheduled to be completed by the end of this calendar year. 
 
BBN/SSR/AD-28May12-10:03 am (BST)